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Repo markets, counterparty risk and the 2007/2008 liquidity crisis
Ewerhart, Christian; Tapking, Jens - 2008
A standard repurchase agreement between two counterparties is considered to examine the endogenous choice of collateral assets, the feasibility of secured lending, and welfare implications of the central bank’s collateral framework. As an important innovation, we allow for two-sided...
Persistent link: https://www.econbiz.de/10011604955
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Multimarket trading and the cost of debt: evidence from global bonds
Petrasek, Lubomir - 2010
studies global bonds to examine the effects of multimarket trading on corporate bond liquidity, prices, and the cost of debt … significant liquidity and price advantage over comparable domestic bonds. On average, global bonds trade at yields 15 to 25 basis … of crisis. Global issues are more liquid, as evidenced by several trade-based liquidity measures, but the liquidity …
Persistent link: https://www.econbiz.de/10011605258
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Who benefits from the corporate QE? A regression discontinuity design approach
Abidi, Nordine; Miquel-Flores, Ixart - 2018
mechanism and the liquidity channel. …
Persistent link: https://www.econbiz.de/10011916849
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Central Bank Liquidity Provision, Risk-Taking and Economic Efficiency
Bindseil, Ulrich - 2013
financial crisis, in which liquidity shocks become more erratic and the total costs of defaults increase, central banks may want …
Persistent link: https://www.econbiz.de/10013083125
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Bank Lines of Credit as Contingent Liquidity : A Study of Covenant Violations and Their Implications
Acharya, Viral V. - 2014
the heart of a new bank liquidity channel. This channel complements the traditional bank lending channel, which focuses on …
Persistent link: https://www.econbiz.de/10013051172
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Credit channel and investment behaviour in Austria: a micro-econometric approach
Valderrama, Maria Teresa - 2001
accelerator specification of investment demand augmented by the liquidity ratio and a firm specific user cost of capital. The … long as the liquidity ratio is not included in the regression. Taking into account trade credit or lending relationships … it is found that firms can reduce the sensitivity of investment to their liquidity position by building lending …
Persistent link: https://www.econbiz.de/10011604154
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Euro area corporate debt securities market: first empirical evidence
de Bondt, Gabe - 2002
A striking development in the euro area financial markets since 1999 was the rapid growth of the corporate debt securities market. This paper offers a first empirical examination of this market since the introduction of the euro using macroeconomic data. It is shown that corporate debt issuance...
Persistent link: https://www.econbiz.de/10011604210
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The high-yield segment of the corporate bond market: a diffusion modelling approach for the United States, the United Kingdom and the euro area
de Bondt, Gabe; Marqués-Ibáñez, David - 2004
This study empirically examines the development of the high-yield segment of the corporate bond market in the United States, as a pioneer country, and the United Kingdom and the euro area, as later adopting countries. Estimated diffusion models show for the United States a significant pioneer...
Persistent link: https://www.econbiz.de/10011604359
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Who benefits from IPO underpricing? Evidence form hybrid bookbuilding offerings
Pons-Sanz, Vicente - 2005
This paper uses a unique sample of 175 Spanish equity offerings from 1985 to 2002 to test who benefits from IPO underpricing and why. Institutions receive nearly 75% of the profits in underpriced issues, while they have to bear only 56% of the losses in overpriced offerings. Superior information...
Persistent link: https://www.econbiz.de/10011604474
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Determinants and consequences of the unification of dual-class shares
Pajuste, Anete - 2005
This paper explores the reasons why an increasing number of firms in continental Europe are unifying their shares into a single class, and analyzes the consequences of this restructuring. Interestingly, recent changes in corporate governance environment have created a situation when the reasons...
Persistent link: https://www.econbiz.de/10011604511